Caremark Rx
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Formerly called
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| Subsidiary | |
| Industry | Healthcare |
| Founded | Birmingham, Alabama, United States (1993) |
| Headquarters | Woonsocket, Rhode Island, United States |
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Area served
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Nationwide |
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Key people
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Per Lofberg (President) |
| Products | Prescription Benefit Management |
| Revenue |
 US$36.7 million (2006) |
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Number of employees
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13,628 (2005) |
| Parent | CVS Health |
| Website | caremark |
CVS Caremark (formerly Caremark Rx) (stylized as 
CVScaremark, previously CVS/caremark) is the prescription benefit management subsidiary of CVS Health, headquartered in Woonsocket, Rhode Island.
Caremark was founded in 1993 in Birmingham, Alabama as MedPartners, Inc. by HealthSouth Corporation along with Richard Scrushy, former CEO of HealthSouth, and one time HealthSouth Chief Operating Officer Larry House as a physician practice management (PPM) company. After going public in February 21 of 1995, MedPartners quickly became the largest PPM company through many acquisitions (see Ross-Loos Medical Group). By 1998 MedPartner's had revenues of $7 billion.
MedPartners originally acquired Northbrook, Illinois-based Caremark International, which was founded as a unit of Baxter International and was spun off from Baxter in 1992 as a publicly traded company. On May 15, 1996, Caremark International announced it would be acquired by MedPartners with MedPartners ending up with Caremark's PPM division and prescription benefit management (PBM) division and disposing of Caremark's rehabilitation Business to HealthSouth. It expanded to the distribution of drugs for other conditions, including human growth hormone and multiple sclerosis.
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Wikipedia